Investor demand is fading as tensions in the Korean Peninsula ease and with US markets on holiday

A stronger dollar and better-than-expected US jobs and consumer confidence data, saw precious metals lose ground yesterday. Initial jobless claims came in at 407k, well below expectations (435k) and last week’s revised figure of 441k. Continuing claims too showed an encouraging drop to 4,182k from 4,324k. The University of Michigan consumer confidence barometer rose to 71.6, in line with consumer income and spending data that showed a steady improvement. A fall in both US durable and capital goods orders might have added to downward pressure on Gold.

Since then an easing off in the dollar has helped precious metals, especially silver and palladium, recover. Bargain buying, mostly in the physical market, is also providing some support across the precious metals complex. However, investor demand is fading as tensions in the Korean Peninsula ease and with US markets on holiday. This seems to indicate a day of muted trading and limited price moves, barring any significant developments in the Eurozone debt situation or between North and South Korea.

Gold support is at $1,366 and $1,361. Resistance is at $1,379 and $1,387.


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Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

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